Meeting of Russian President Vladimir Putin with government chairman Mikhail Mishustin
From the transcript:
Vladimir Putin: Mikhail Vladimirovich, please.
M.Mushin: Dear Vladimir Vladimirovich, I want to report to you about the situation in the economy, a little more about the results of last year. I reported you last night that we received the data of Rosstat …
Vladimir Putin: Recently, you were engaged with colleagues from the economic bloc with an assessment of the current economic situation. I know that you have the latest data, right?
M.Mushin: Yes, just Rosstat presented their first assessment. According to it, the Russian gross domestic product grew by 4.1 percent, that is, more by 0.2 percent than what was in the official forecast is higher than expectations. In December, and we reached an indicator of 4.5 percent growth. Here, the GDP defetcher over the past year amounted to 8.9 percent. A little lower than we predicted, by 0.3 percent.
And as a result of clarification, we received the nominal size of GDP, this is a historical maximum in the country – 200 trillion rubles for 2024. First of all, due to the intensive growth of the manufacturing industry. In general, in general, industrial production added 4.6 percent, which is better than all preliminary assessments.
Rosstat also clarified the data for the previous three years. We have the third rating of GDP for 2023: there is an increase of half a percent, that is, not 3.6 percent, but, accordingly, 4.1 percent of GDP growth was recorded in 2023 in the country. This is due to the fact that it was necessary to receive annual reporting from business, a more complete picture of the sectors of the economy, and accounting reports on state, budgetary institutions.
Dear Vladimir Vladimirovich, you said, we met recently, but you held a huge number of industry meetings, paid our attention to specific questions and tasks, industry tasks. As a result, we prepared a number of measures and implemented them. Experts, scientific communities were involved in this. But the most important thing is the work of our business, people, thanks to which the economy has been demonstrating quite steady, dynamic growth for the second year.
Here we can say that the country’s economy has successfully coped with unprecedented sanctions pressure – unlike many countries that themselves imposed sanctions against us. In some cases, the situation there is close to stagnation: you are perfectly guided by who has what.
If we talk about what causes of growth: we have reinforced the growth of high investment consumer activity. The processing production became the locomotive, we are always talking about this: they added 8.5 percent. Also initially predicted everything was much lower. But this is the area that you know, both you and the government pay special attention. There, the share of added value is much more than when selling raw materials. And current statistics confirm that such efforts are already bringing the results.
The economy becomes more technological, diversified, and this, accordingly, is more favorable to influence macroeconomic stability and conditions as a whole. Well, therefore, it will allow us to more confidently solve medium and long -term problems.
I would like to say a few more words about what has become a driver, if you will.
Vladimir Putin: Certainly.
M.Mushin: The sectors that are focused on internal demand have shown themselves better than others, although export -oriented demonstrated some reduction. It is not so large – minus 0.4 percent, but in general for the year it was so minimal.
The main contribution to the dynamics of processing production – what has become a driver – made a machine -building complex. He provided about 40 percent of the total production growth. At the same time, he increased production by almost 20 percent, more precisely 19.5. Two -digit rates showed transport engineering – 29.6 percent, automobile industry – 16.5 percent, production of computer, electronic equipment – 28.8 percent, as well as drugs – 18 percent growth.
Our fuel and energy complex continues the adaptation period-the fuel and energy complex. Companies are looking for new partners, mastering promising markets. You also know in detail what is happening there, but it takes more time, effort. But according to the results of the year, it was possible to minimize the decline, in the mining sector it was less than one percent: minus 0.9. At the same time, production, for example, in the field of electricity, gas, steam, on the contrary, increased by two percent.
These are good, probably the results, but, of course, it is absolutely obvious that inflation is the main challenge – it was 9.52 [процента] for a year. A little is growing, but the aggregate measures taken today in monetary policy, they have already begun to slow down the lending of the economy. You also know this, we reported to you: annual pace is reduced for the sixth month in a row. The same trend is in terms of lending to both citizens and business. This creates the necessary prerequisites for reducing prices, but inevitably can lead to inhibition of the economy.
Therefore, here is our task, first of all, together with the Bank of Russia, go to a very responsible budget and macroeconomic policy. Perhaps the growth of the economy will not be so significant next year, but it is very important: to stop inflation and do everything – you also said it at our meetings – in order to clearly absolutely provide long -term economic growth based on, let’s say, a stable macroeconomic situations.
Literally two words – this is very important – by real cash income. Because it was very important – and you always say it – to ensure, first of all, an increase in real cash incomes of the population. And here there is a result, it is quite high. In our country, real cash incomes of the population increased by 8.4 percent, which exceeded the forecast. And the real salary, now for 11 months, is plus 8.7 percent. That is, it is already on top, that is, it really means that people received more – here inflation could not, let’s say, reduce the incomes of the population.
Still, probably, one important indicator is the level of unemployment. It on average did not exceed 2.5 percent per year, now 2.3. But here is the issue of labor deficiency. We are actively working on this, creating the possibilities of attracting personnel in those industries that need them.
Dear Vladimir Vladimirovich, last year the foundation was created for moving forward in the development of the country. The most important thing: the fulfillment of all social obligations is always, when you entrust, this is primarily done – and the fulfillment of the national development goals that you have set before us, ensuring the technological, industrial, economic sovereignty of the country. We will actively do this, continue.
And I hope that all the tasks that you have set will be fulfilled.
Vladimir Putin: Mikhail Vladimirovich, our pace of economic growth turned out to be not only higher than our own forecasts, but also higher than world and higher than similar indicators in the so -called developed economies. As far as I see according to official statistics, the United States is 2.8 percent, overall a good indicator. In the eurozone, of course, everything is more modest: in France – now I am talking about the leading economies of Europe – a height of 1.1 percent, and in the Federal Republic of Germany, in general, minus 0.2 percent. Well, these are their problems, we know what they are connected with. Now it’s not about them, but about us.
I think that the result that you have now said about, of course, this is, first of all, the result of the work of labor collectives, business communities and, of course, government, financial authorities in the broad sense of the word. And, I repeat, this is a satisfactory result, a good result.
The task for the current year is to reach the trajectory of balanced growth, to reduce inflation. You also mentioned this now: we have
[инфляция] – 9.5 percent, and, in my opinion, on February 3, it was already 9.9 percent year by the year. And this is a challenge for us, we must do everything necessary so that our growth is balanced.
But, of course, it is necessary to preserve the growth trajectory even when adjusting the rate of economic growth in connection with the circumstances that you just said about. This is absolutely normal, of course, you and my colleagues talked about this many times.
I would like to pay attention to what else. During the fight against the consequences of the coronavirus epidemic, the government worked a lot and effectively in industries. We have already said, including at a meeting with the business community, colleagues are asking about this-and we agreed with the government that this work in the industries would be restored. You need to understand the prospects of individual industries, priorities and provide effective support in the right areas. I repeat again: as it was possible to do this during the fight against coronavirus. The relevant decisions should be made by evaluating long -term prospects in the most important areas of activity.
I think that one of the most important areas is the development of the proposal economy. We need to change the structure of this growth. He has already talked about what is important everywhere, in all regions of our country to create new enterprises, new jobs. And work in these enterprises, of course, should be based on the modern principles of management and on the new technological base, you yourself are talking about this all the time, and with the use of robotics, and using artificial intelligence, and all other achievements that are in our country and in the world. It is necessary to take all the best from everywhere and increase labor productivity on this database. This is a key task for you and me in the near future.
And, of course, as agreed, I am waiting for a plan of measures to promote structural changes in the economy from the government. At this base, I am sure, we will achieve, as I said, and a balanced growth and the quality of this growth in the nearest and medium -term perspective.
But in general, the result is good, I repeat once again. I hope that we will save not only we need – even let the adjusted – the rate of economic growth. But most importantly, we will do everything you need to make the structure of our economy and this balanced growth that I said to be stable.
Thank you.
M.Mushin: Thank you, Vladimir Vladimirovich. We will come from this.
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Original – http://kremlin.ru/events/president/news/76227.